Many people think they need to have stellar credit and no debt in order to get a home loan. That’s just simply not true. Different loan programs have different credit score qualifications. Some programs will accept credit scores as low as 580. For those of you who haven’t established credit, or don’t have an extensive credit history, other programs will even allow you to use alternative credit (rental history, utility bill history, etc) to qualify.
How Often Should I Check My Credit?
We recommend you check your credit score yearly. You can do this for free by going to www.AnnualCreditReport.com. At this site you can run your own credit report with each of the three credit reporting bureaus. Although the report will not be as detailed as our report because our report pulls a more thorough history, you will get a sense of where your credit is and if there are any errors. Running your credit at this site once per year will not affect your credit score and is a good way to keep tabs on your credit history.
What Should I Avoid When Thinking About Buying a Home?
Remember, even though you don’t need perfect credit to get a home loan, you should avoid large purchases like cars before and during the home buying process because large purchases may have a negative impact on your ability to qualify for a home loan.
Free Report: How Does Your Credit Affect You as a Home Buyer?
For our free 5 page report on your credit and how it affects you as a home buyer, please fill out the form below and it will be sent to your email immediately.
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Have Questions About Your Credit?
To discuss your credit score and its impact on your home purchase in further detail, please send me an email or give me a call at (650) 520-0915.
Other Posts You May Enjoy
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- San Mateo Homes Just Got More Affordable for First Time Buyers
- Can I Use Tax Credit Money for a Down Payment?
- What Should I Bring to My First Appointment with a Mortgage Advisor?
- How Mortgage Interest Rates Affect Your Monthly Payment?
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Chris Williamson is a Mortgage Advisor with Mortgage California specializing in San Mateo Mortgage.
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